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Tax advantage to go, QROPS overhaul

Tax advantage to go, QROPS overhaul

By Staff Writer - December 11, 2016

Woman frightened by taxesIf the UK government gets its way, expat pensioners living abroad will pay considerably more in tax on pensions.

A scheme known as Qualifying Recognised Overseas Pension Scheme (Qrops), which lowers income tax paid on qualifying registered overseas pension schemes to 90 percent of the amount otherwise due, will no longer apply and, from April 6, 2017, 100 percent of income tax will have to be paid, according to a little-noticed proposal in the so-called Autumn Statement by the UK finance minister, the Chancellor of the Exchequer, Philip Hammond.

Pensioners currently paying 36 percent will in future pay 40 percent, if the plans make their way into law. 

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